Spend Money to Make Money
Small businesses often try to spend as little as possible to maximize their profits. It makes sense at first, too. The goal is to increase the bottom line indefinitely, and that can make startups hesitant to invest in expensive equipment. Yet, Research from Forbes Insights and CoxBusiness shows that early adoption of new technologies can increase growth and improve morale among their employees (Forbes Insights Page 5). That’s not to say throwing money at the latest workstations will increase revenue in an instant, but rather that wise investments and good implementation gives businesses a leg up over their competition. It is this well thought out investing that makes the difference in competitive markets.
What to Invest In
Headlines are often dominated by buzzwords such as “cloud computing” and “artificial intelligence.” They are cutting edge, exciting concepts that seem to open many doors. However, not everyone needs AI solutions. It is important not to invest in machinery or services solely based on a flashy name – it must be practical to the firm. Print shops may prioritize their spending differently from law firms, which in turn invest differently compared to medical offices. Know what the business needs to accomplish and the tools that can make said job easier. Productivity is the name of the game when it comes to implementation of new systems. Listed below are several things that can yield results:
- Communications apps (Slack)
- Shared Calendars (Outlook, Google)
- Storage Services
- Security Services
Cost of Hesitance
Forward thinking organizations know what technologies will help them achieve their goals and maximize profit, whereas those who cling to outdated business models see themselves usurped. One of the biggest examples of this happening is Sears’ turn from a market leader to closing over 150 stores in 2018 alone. This astonishing fall from grace was largely due to the late adoption of an online presence, something that Amazon did not hesitate to accomplish (Tuttle). Amazon was well ahead of the curve and took advantage of a digital market. Fancy computers do not guarantee success, but they do increase efficiency – and thus profit. The biggest mistake Sears made was neglecting the shift towards technology-based solutions.
Technology is often looked at as a luxury that is cut from the budget as soon as the price gets too high. The reality is that technology in this age is a necessity; it can be the backbone of entire industries. Nobody likes to spend money on firewalls and schedule updates. These things take time and money. The goal, however, is for the long term returns to heavily outweigh the initial dollar amount. Technology can propel businesses, especially small businesses, into the focus of potential clients and towards success.
I hope you found this information helpful. If you have any questions, please contact me, your strategic technology planner, at SecurityFrist@BrickTechIT.com or at (407) 244-4494.
BrickTech provides IT Support, IT Consulting, Managed IT Services and offers VoIP phone systems in Orange County and Seminole County including Orlando, Winter Park, Oviedo, Maitland, Altamonte Springs, Casselberry, Longwood, Lake Mary, Sanford and surrounding areas.